Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of $395. Transactions for this item during April were as follows: April 9 Purchased 40 units @ $415 per unit 14 Sold $620 per unit 80 units@ 23 Purchased 20 units @ $420 per unit 29 Sold 40 units Required a. Calculate the cost of goods sold and the ending inventory cost for the month of April using the weighted-average cost method. Do not round until your final answers. Round your final answers to the nearest dollar. b. Calculate the cost of goods sold and the ending inventory cost for the month of April using the first-in, first-out method. c. Calculate the cost of goods sold and the ending inventory cost for the month of April using the last-in, first-out method. a. Weighted Average Ending Inventory $ Cost of goods Sold $ b. First-in, First-out: x 0x Ending Inventory $ 25,000 Cost of Goods Sold: $ 47,400 c. Last-in, first-out: Ending Inventory $ 23,700 ✓ Cost of Goods Sold: $ 48,700

Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of $395. Transactions for this item during April were as follows: April 9 Purchased 40 units @ $415 per unit 14 Sold $620 per unit 80 units@ 23 Purchased 20 units @ $420 per unit 29 Sold 40 units Required a. Calculate the cost of goods sold and the ending inventory cost for the month of April using the weighted-average cost method. Do not round until your final answers. Round your final answers to the nearest dollar. b. Calculate the cost of goods sold and the ending inventory cost for the month of April using the first-in, first-out method. c. Calculate the cost of goods sold and the ending inventory cost for the month of April using the last-in, first-out method. a. Weighted Average Ending Inventory $ Cost of goods Sold $ b. First-in, First-out: x 0x Ending Inventory $ 25,000 Cost of Goods Sold: $ 47,400 c. Last-in, first-out: Ending Inventory $ 23,700 ✓ Cost of Goods Sold: $ 48,700

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Description: weighted average Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consistedof 120 units with a unit co

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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